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I would like to point out that the author has missed one major aberration in the operation of Markets and State. It is the Corporate sector which is becoming a Frankenstein devouring the State and destroying the free market. An extreme form of Regulatory Capture of not just regulators but the entire State by the Corporate sector, is causing the popular revolt. Failure of Democracy to cut the Corporate sector to size, has made every one a puppet. A repeat of the British Parliament downsizing the East India Company, is set to happen, across the world economies.

I admire this analysis, and agree that we're in uncharted waters right now. The relationship between the state, the markets -- and we really should consider the people -- is out of balance.

In a democracy, it seems to me, the people are in principle empowered to check the excesses of the state, and they depend in turn on the state to check the excesses of the market. When the people begin to believe that this relationship has been stood on its head -- with the market exerting control of the state and relying on the state to control the people -- Brexit would seem to be the mildest sort of response one could expect.

I think in the modern world one needs not just balance between state and market, but also strong supranational institutions, such as EU, UN, free trade agreements, etc. A major question is how to insert more democracy into those institutions.

The world can adapt to a measured pace of integration, even of labor and capital markets, but a measured pace requires institutions that lean against the flow of people and capital rather than augment them. Central banks that try to fight a foreign surplus of savings with their own flood of liquidity are globalization's worst enemy. The same goes for military powers that create chaos on each other's borders as NATO and Russia have done in Ukraine and Syria.

Tracing out long waves of globalization and national consolidation, as Yoon Young Kwan does here, may help some believe they can see the contours of history, but unless you identify the institutions at fault for generating or amplifying destabilizing waves, you're hardly likely to contribute to a solution.

There is the point of view that labour supply and demand are at work and globalisation brought many more hands to the work place and impacted on the labour supply and demand balance. Further than artifical labour in the form of AI and robotics is having similar impacts. Brexit and other similar trends can be seen as workers attempting to intervene in processes that are fundamentally against them on a geographic basis. Unless labour supply and demand balance occurs, an unlikely prospect at the moment, similar movements to Brexit can almost certainlty be expected. The EU lost the opportunity to commence dealing with the issue with its frozen logic so will almost certainly be a long term loser, it repeatedly shows itself to be anything other than proactive. It also repeatedly favours corporations rather than SMEs when realistically SMEs are vital to the economy(s)

Its inevitable the empty wallet movement overcomes the treasure chest party at the ballot box as the number of empty wallets steadily increases driven by inequality mechanisms. If you aint got nuttin you got nuttin to lose. There is a welfare system in place but its effect is emasculating and longterm unemployment is correlated with psychological problems. The longterm and well established trend in growing youth unemployment is a timebomb at so many levels

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